SurveyMonkey is worth $2 billion after new $250 million fundraising round
SurveyMonkey, the online survey platform, raised $250 million in equity financing, making the company worth close to $2 billion.
The funding will help the company pursue future acquisition purchases and allow existing investors and employees to cash out some of their existing equity, the company said.
Investors included new names such as T. Rowe Price, Morgan Stanley Investment Management, and Baillie Gifford & Co., as well as several current investors including Google Capital and Tiger Global Management.
“SurveyMonkey’s core business boasts the unique combination of global appeal, durable growth and high profitability,”said Henry Ellenbogen, portfolio manager of T. Rowe Price New Horizons Fund, Inc. “Leveraging these assets, we are particularly excited about the strong management team’s ability to build a much larger business and drive the next phase of expansion.”
The online platform, which was started in 1999, had revenue of $113 million in 2012, according to SuveyMonkey CEO Dave Goldberg. It’s most recent round of funding in January valued the company at about $1.3 billion. SurveyMonkey has raised more than $1.2 billion in debt and equity to date, reported the Wall Street Journal.
SurveyMonkey offers its basic service free online and also includes a premium membership for as much as $780 a year that allows users a range of upgraded options, such as unlimited responses, customized branding and customer support.
Over 20 million people use SurveyMonkey’s online platform, and the company has been exploring ways to bulk up corporate features in order to help increase revenue. Most recently, SurveyMonkey launched a new panel survey platform in the UK called SurveyMonkey Audience and integrated its services within the Salesforce AppExchange for easier use by businesses.
SurveyMonkey also recently made its first acquisition in more than two years when it bought Canadian rival Fluidware for over $20 million.
Allen & Co. served as SurveyMonkey’s financial advisor and helped arrange the latest round of financing.